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Don’t gamble your company’s future on political whims and gamesmanship.
A lifelong learner with decades of experience spanning retail, sales, operations, and finance, FundCanna’s chief executive officer believes he knows how to alleviate the industry’s capital challenges. Over the past three years, he’s put more than $300 million into showing how it’s done.
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Medical markets established a blueprint for other stigmatized substances to follow.
Limited licensing and vertical integration help the Sunshine State attract investors.
ALYSON JAEN, ESQ.
An attorney specializing in cannabis law, licensing, and regulatory compliance as well as general corporate and business law, Alyson Jaen is of counsel in Messner Reeves LLP’s Denver office. She was named to Best Lawyers’ “Ones to Watch” list for 2025. Messner.com
As national director for signature brands at unified physical security firm Genetec Inc., Scott Thomas leads a team responsible for sales to the retail, financial, hospitality, gaming, and cannabis vertical markets. He also coordinates the company’s network of system integration partners. Genetec.com
A forty-year veteran of the credit union industry, Sundie Seefried is founder and chief executive officer at Safe Harbor Financial (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities for the regulated cannabis industry. Previously, she served as CEO at Partner Colorado Credit Union. SHFinancial.org
Many years ago, after decades of trying and failing to live up to the lofty expectations I set for myself every January 1, I made a New Year’s resolution I’ve actually kept: I resolved to stop making New Year’s resolutions. While it’s good to have goals, studies indicate nearly half of such vows are abandoned by the end of January; 25 percent are discarded within a week. Almost everyone else gives up around the end of the first quarter.
To preserve my dignity and self-respect, I resolved not to torture myself any longer. Instead, I view each new year as a basket of opportunities. Some years are more bountiful than others, but I feel both empowered and liberated to make choices— and to pivot when necessary.
“Pivot” will be an important concept for the industry this year, I believe. We face a basket brimming with opportunities, but we also face significant uncertainty. The forty-seventh presidential administration has resolved to disrupt almost everything from taxes and regulations to social services, immigration, international trade,
and the legal system. How those disruptions will impact us is unknowable at this point, which makes planning for the future difficult.
Flexibility will be crucial in 2025. Sundie Seefried addresses ways businesses can survive— and even thrive—despite political whims in her column in this issue. Adam Stettner talks about surmounting funding challenges in this month’s executive profile. Chris Jones reveals why Florida still attracts investors even though it’s a medicalonly market, and Taylor Engle reports about the employment outlook for the year.
The industry has choices and opportunities ahead, but we must approach them with eyes wide open and without wishful thinking. Even if rescheduling doesn’t happen and the single-party trifecta in Washington still can’t get its legislative act together, we can make 2025 a good year if we’re smart and pragmatic.
And that’s a New Year’s resolution even someone who doesn’t make New Year’s resolutions can support.
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mg Magazine: For The Cannabis Professional Vol.11, No.1 (ISSN 2379-1659) is published monthly by Incunabulum LLC, located at 23055 Sherman Way, No. 5069, West Hills CA 91308. Periodicals Postage Paid at Las Vegas Post O ce and additional mailing locations. POSTMASTER: Send all UAA to CFS. NON-POSTAL AND MILITARY FACILITIES: Send address corrections to mg Magazine, 23055 Sherman Way, No. 5069, West Hills CA 91308.
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LONDON – A recent study by market research and consumer data firm YouGov shed light on some of the most consistent shopping motivations, preferences, and concerns among female cannabis consumers age twenty-one and older in the United States.
• 70 percent said price is the most persuasive factor in product choice.
• 70 percent use the plant for relaxation.
• 69 percent use cannabis for sleep improvement.
• 41 percent substitute infused products for other medications.
• 36 percent partake multiple times a day.
• 34 percent spend less than $50 per month on cannabis.
Given steady consumer concerns about inflation and the cost of everyday goods, it should come as no surprise that nearly three-quarters of YouGov survey respondents identified price as the most important factor when choosing between products. In fact, price was the only factor influencing more than 50 percent of respondents’ final purchase decisions. After price, “description of effects” persuaded 49 percent, followed by both “discounts” and “premium
ingredients” at 36 percent, and “budtender recommendations” and “testimonials” at 26 percent.
The survey also indicated 80 percent of women have smoked flower, 74 percent have tried edibles, and 59 percent have tried concentrates, but the study failed to identify current product preferences.
Dispensaries, on the other hand, keep a close watch on that kind of information.
“Our data shows female purchasing preferences break down consistently, with flower products commanding 32–42 percent of sales across age groups,” said John Mueller, chief executive officer at Greenlight Dispensary. “Pre-rolls have emerged as our fastest-growing segment among female consumers, currently averaging 11–16 percent of purchases across age ranges.”
According to Mueller, edibles preferences vary widely by age among female consumers, peaking at nearly 30 percent of sales among seniors. For Greenlight’s youngest female customers, concentrates consistently are the most popular at about 21 percent of sales. But the differences tend to wash away during April and November.
“Female consumers mirror the same shopping patterns as male customers during peak sales months,” Mueller said, because everyone’s looking for deals.
Slightly more than one-third of survey respondents reported spending up to $49.99 on cannabis products each month. Around 20 percent said they spend between $50 and $99.99, and 14 percent reported spending between $100 and $149.99. Only about 5 percent of respondents admitted spending more than $250 per month.
Stündenglass introduced the Grateful Dead x Stündenglass Kompact, a custom collaboration with the iconic rock band. The compact, portable device features Grateful Dead’s distinctive imagery and colors, complete with a Stealie on the core and lightning bolts on the base. Powered by fluid physics, the glass infuser rotates 360 degrees, creating motion via cascading water and natural gravity. Crafted from borosilicate glass and aircraftgrade aluminum, the device produces smooth, consistent vapor. The set includes a travel case, aluminum infusion chamber, glass liner, and a silicone hose for direct draws, supporting both smoking and vaporization devices with a 14mm male joint. stundenglass.com
CCELL launched the world's first biomimetic heating solution, enhancing flavor and terpene preservation. The innovative technology uses a postless tank for optimal oil vaporization and minimal leaks and clogs. Inspired by plant systems, the VeinMesh and 3D Stomata designs promote cooler, more flavorful vapor clouds and efficient oil flow. ccell.com
Instagram recently adjusted its policy enforcement on accounts promoting or engaging with cannabis-related content. The shift has led to an increase in account suspensions and “shadow bans,” which significantly reduce visibility and interaction for affected accounts without formal notification. The enforcement actions align with Meta’s community guidelines that prohibit marketing marijuana and related products on Facebook or Instagram regardless of state legalization status.
The changes have sparked discussion and concern within the digital community, particularly among advocates and educational platforms that rely on social media for outreach. Meta’s guidelines do not differentiate between content promoting sales and educational or advocacy-related posts, leading to calls for clearer rules and fairer enforcement strategies that recognize the legal complexities surrounding cannabis. The situation underscores the ongoing challenges industry members face when using social media platforms to promote businesses or share their voice. Users beware.
IRVINE, Calif. – Weedmaps’ co-founders believe they can reverse the company’s financial trajectory by returning parent company WM Technology Inc. to private ownership, and they’ve offered a 39-percent premium over the Nasdaq-listed entity’s mid-December share price to encourage the board of directors to agree.
Douglas Francis, currently serving as chief executive officer and chairman of the board, and Justin Hartfield approached the board with a cash offer of $1.70 per common share for the 68 percent of outstanding stock they don’t already own.
According to a Form 10-Q WM Technology filed with the Securities and Exchange Commission in November, 97.4 million shares of Class A common stock and 55.5 million shares of Class V common stock are outstanding.
“We firmly believe that our proposed transaction is in the best interests of
Our data from over 500,000 cannabis product ratings reveals a surprising truth:
For many goals, the strain type has little impact Instead, other features play a far greater role in shaping a cannabis experience
The takeaway: Focus on cannabinoids, product type, and strain name for better results! Average
WM stockholders as well as all WM stakeholders, including its employees, clients, and end-users,” the pair noted in a non-binding proposal letter dated December 17. “Our proposal presents the company’s public stockholders with a value-maximizing alternative to WM’s current strategic trajectory and an opportunity to de-risk their investment.
“As co-founders and WM’s largest stockholders, we are deeply passionate about the company and the licensed cannabis industry,” the letter continued. “When we first decided to take the company public, there was an expectation that the tailwinds emerging in 2020–2021 across the licensed cannabis end-markets, coupled with the support of institutional public equity investors gained with a Nasdaq listing, would allow WM to capitalize on growth opportunities in an accelerated manner and create sustainable long-term stockholder value. Today, however, WM is facing significant headwinds, with licensed end-markets continuing to decline. . . Further, the continued consolidation of cannabis retailers and brands among large multistate operators, coupled with the increased entry of traditional technology providers into cannabis, are creating significant risks for WM’s current business model as a public company.”
Francis and Hartfield indicated they expect to be in a position to execute a definitive agreement by mid-January. Their letter also stated they would remain shareholders if a special committee consisting of disinterested and independent directors formed by the board declined their proposal, but they would not vote in favor of any competing offer or merger proposition.
Basing business decisions on empty political promises is folly, not strategy.
BY SUNDIE SEEFRIED
Donald Trump’s reelection has left the cannabis industry facing familiar questions about its future under a federal landscape that repeatedly has dangled reform without substantial progress. Over the past decade, cannabis companies, advocacy groups, and investors often have pinned hopes on political promises for sweeping federal reform. Yet, with each election cycle, legislative change continues to be a mirage. As states increasingly embrace legalization, the national outlook remains fragmented. Industry leaders may benefit from shifting their strategies away from wishful thinking and instead doubling down on what is within their immediate control.
Cannabis reform has become something of a political football, used as leverage and election fodder by both major parties. But federal change has proven elusive. For example,
during his last campaign, President Joe Biden pledged to work toward decriminalization and even hinted at rescheduling. However, while some symbolic measures were taken—such as pardoning federal cannabis offenses for simple possession—comprehensive reform stalled. Despite majority support for legalization among Americans and notable strides at the state level, the complexities and divisiveness of federal cannabis reform mean promises often are unfulfilled.
Trump’s reelection suggests a continuation of this inertia at the federal level. Historically, he has shown ambivalence about legalization, allowing states to move forward without federal interference but not actively advocating for reform. Reelection likely reinforced his belief legalization is a state-driven issue, so the prospect of federal change remains uncertain.
A major misconception within the industry is that federal legalization or sweeping reform will solve myriad challenges; however, banking access, tax burdens, and regulatory issues won’t be resolved instantly by federal legalization alone.
Take banking, for instance. Though federal legalization could, in theory, produce greater access to financial services and credit options, the reality is that the industry remains cashintensive and highly regulated. Many traditional banks are reluctant to embrace companies in sectors with those characteristics. In Canada, where cannabis is federally legal, only a limited number of institutions are willing to provide services to the industry due to regulatory risks, high compliance costs, and the sheer complexity of managing industry relationships. This reality serves as a sobering example: Federal legalization does not dissolve unwillingness to offer financial access.
Tax burdens present another persistent challenge. The federal tax code’s Section 280E prohibits deductions for businesses that “traffic in controlled substances,” leaving cannabis companies to face effective tax rates upwards of 70 percent. Removing this tax burden is contingent on rescheduling or descheduling the plant, which is separate from legalization. Even if a new administration were to reschedule cannabis to Schedule III or lower, thus alleviating the 280E tax burden, the move wouldn’t eliminate myriad state-specific compliance costs and regulations that continue to strain businesses’ financial health.
Even though federal reform appears stagnant, state-level advancements continue at a rapid pace. As of today, nearly forty states have some form of legalized cannabis sales and use, either for medical or recreational purposes or both. In this movement, each state brings unique regulations and tax structures,
presenting both challenges and opportunities for companies.
By tailoring their business models to adapt to individual state regulations and building relationships with statelevel policymakers, businesses can secure stability in their operations. Rather than relying on federal action, companies that prioritize strengthening compliance with state policies and investing in local markets may find more success. For example, multistate operators that comply with diverse local laws are better equipped to withstand regulatory shifts than those waiting for blanket reform.
Moreover, an approach that focuses on state markets allows companies to address the immediate needs of their customers, establish brand recognition, and generate revenue—all of which are critical in a volatile industry like ours. This strategy provides resilience and a clear path forward, regardless of national politics.
Industry leaders also may benefit by focusing on achievable, incremental victories within their control, such as expanding access to capital and credit through specialized financial services, building strategic partnerships, and advocating for provisions that protect banks working with industry entities.
While the Secure and Fair Enforcement (SAFE) Banking Act in the House and its Senate cousin, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, have stalled multiple times, a coalition-based approach that continues advocating for banking reform on a bipartisan basis might be more effective than counting on sweeping federal legalization.
Additionally, embracing cashless payments, automated clearing house transfers, and other payment systems can help companies operate more efficiently under current restrictions. This pragmatic approach provides a way to circumvent some of the industry’s
limitations without waiting on external forces to change.
The lesson for companies as they navigate the uncertain landscape of federal reform is to maintain a pragmatic outlook. Banking on federal legalization as a panacea is a risk-laden strategy that has, so far, proved fruitless. Instead, industry leaders should focus on sustainable, state-by-state growth strategies and support efforts to create a stable regulatory environment within existing frameworks.
Federal reform eventually may come, but the pace and scope of that potential change are unknown. Rather than operating under an assumption that national reform is imminent, leaders must build businesses resilient enough to thrive under existing conditions. By focusing on tangible goals that are within reach, companies can secure a steady footing and lay the groundwork for success in an ever-evolving market.
PRESENTED BY
JUSTINE JOHNSON is a budtender at March and Ash’s Mission Valley, California, location. Her personal journey to find relief inspired a passion for helping other women discover plant-based solutions that empower them physically, mentally, and creatively.
Q. How has cannabis empowered you?
I deal with rheumatoid arthritis, so instead of taking pharmaceutical medications, I’ve turned to the plant as my main source of pain and anxiety relief. It’s also helped increase my creativity, both in the kitchen and in drawing. And as a woman, cannabis is super helpful for my menstrual cycles.
Q. In your experience, what do female consumers seek?
I think for women, cannabis is becoming more about purity and convenience. But I’d emphasize purity more, because as we’re growing as educated consumers, we’re learning that distillate is not always the way to go. Sure, it’s convenient, doesn’t smell, and is good for discretion, but you also have things like water hash or other solventless products you can turn to instead. It’s important to me to be able to explain that there are ways to get the benefits of cannabis without smoking. Overall, I think purity is on the rise, which is great.
Q. How do you educate women seeking their first experience?
I provide them with reliable information by asking questions to figure out what they want and need. From there, I can help guide them, making sure they feel comfortable in the setting. Dispensaries can be very intimidating and overwhelming, so I try to focus on asking the right questions to get to the bottom of what they’re looking for.
Q. What’s the most common question you hear from customers?
“What’s the highest THC percentage you have?” This is the most common thing customers come in and ask about. Sometimes, they don’t want to be counseled about why they might want to look at other aspects of the plant. They know what they want—high THC—and that’s okay. I’m here to help.
Q. What myth about being a woman in the cannabis industry would you most like to bust?
That it’s hard for women to succeed. This is an ever-evolving, rapidly growing industry, and it’s becoming more inclusive. Opportunities for women are on the rise. It’s definitely challenging, but supporting each other in the industry is so important. Together, we can help each other thrive.
Q. What has your job as a budtender taught you about yourself?
I can really sell anything! I like what I do, and I love what I talk about. I think as long as we have a passion for what we do in life, the rest is really easy. After all, I get to talk about plants and smell the flowers!
Q. What has being a budtender taught you about the world?
It’s taught me how to show more compassion and how to really listen. People come to me seeking relief for physical and mental ailments, and it’s very important that I show empathy toward each and every one of them. This industry isn’t just about recreational use; it’s also medicinal applications, and we see people from all walks of life come in looking for help.
Q. How has being an unapologetic advocate for the plant impacted your role on the front lines?
It’s helped me gain more confidence and knowledge in knowing what I’m talking about. It’s also shown me that with those customers who know exactly what they want, sometimes it’s just my job to listen. I can give them guidance to the best of my ability, but sometimes they just don’t want to let go of their idea of what they need. I can still find creative ways to be supportive, and this in turn improves my practice in staying compassionate and empathetic.
Q. What advice would you give your younger self about being unapologetically you?
Embrace who you are, and don’t be afraid to be confident and proud. Don’t mute yourself for others. Be kind to yourself and everyone around you.
From the coast of California and the heart of two women comes CaliLily, a luxury line of cannabis-infused fruit chews. Made with premium ingredients, award-winning solventless live rosin, and precise dosage, CaliLily edibles provide the right experience every time. CaliLily’s #NotS*rry movement sparks empowerment, urging women to embrace their choices unapologetically. CaliLilyCanna.com
we are visual elements, the perfect balance of artistry and production.
We specialize in creating spaces that reflect the unique character of each brand, focusing on enhancing the consumer’s experience through tailored retail and commercial environments. Our approach is centered on understanding and translating your brand’s narrative into physical spaces that engage and inspire.
FundCanna’s founder and chief executive o cer is on a mission to ameliorate the nancial pain points in a cash-strapped industry.
BY DANNY REED
PHOTOGRAPHY BY SIOBHAN GAZUR
With limited access to banking, burdensome tax policies, capital scarcity, and payment terms that don’t always fit the needs of operators, the cannabis industry is not a place for the entrepreneurially timid or the risk-averse. But for those with a clear vision, significant analytical skills, and a devotion to creative problem-solving, the industry provides unique opportunities.
Just ask Adam Stettner.
Stettner has a long track record in the financial industry, though initially his career seemed destined to take another trajectory. After a post-college stint in the executive suite at clothing retailer Jones New York—where he gained experience in sales and operations—he segued into proprietary equities-trading at a Wall Street firm. There, he nurtured a solid foundation in finance and risk-management that served him well at Student Loan Xpress where, as senior vice president, he built and managed a division that oversaw $8 billion in educational loans.
Leveraging his experience in finance, risk, and scaling, in 2008 Stettner founded Reliant Funding, which provides financing to small and medium-size businesses (SMBs) nationwide. For fourteen years, he oversaw a bicoastal team of 250 people who underwrote more than $3.5 billion in funding.
Then the cannabis industry caught his attention. In September 2021, after several years of researching all the challenges and opportunities, Stettner founded San Diegobased FundCanna, which he serves as chief executive officer. Backed by a team with more than twenty years and
$20 billion in funding experience, in the past three years FundCanna has provided more than $300 million in working capital to entities across the cannabis supply chain.
Stettner’s approach to understanding the industry was nothing if not methodical.
“Before launching FundCanna, I dedicated significant time to learning about the industry from multiple angles,” he said. “First, I immersed myself in the regulatory environment at both the federal and state levels. Understanding the nuances of compliance, banking restrictions, and taxation was critical to designing effective financial solutions for this industry.”
Next, he engaged directly with stakeholders in every sector—cultivators, manufacturers, distributors, retailers, and ancillary businesses—to gauge the level of disconnect between what they needed and what they were able to access.
“I even traveled to visit operators and see how they managed their day-to-day,” he said. “I wanted to understand their pain points, cash-flow cycles, and growth challenges. This on-the-ground perspective was invaluable in designing and iterating offerings to meet their realworld needs.”
He also joined industry organizations, eventually becoming a member of the board of directors for the National Cannabis Industry Association and joining the Benzinga Advisory Council. Both positions help him to “stay informed about trends, network with industry leaders, and participate in shaping the future of the market,” he said.
He’s also a member of the Forbes Finance Council and an advisor for the Dingman Center for Entrepreneurship at his alma mater, the University of Maryland, and he volunteers at the Ronald McDonald House Charities of San Diego and the San Diego Food Bank.
The volunteerism, advisory positions, and even his work at FundCanna allow him to make a difference in the community, he said. But more than that, they provide him opportunities to learn, which he believes is both a pleasure and a lifelong obligation: “The truth is, no matter how much I continue to read and do, I still have a ton to learn.”
Why did someone who experienced so much success in traditional finance decide to take on a massive challenge like the cannabis industry?
After my success with Reliant Funding and other ventures, I was looking for a new way to leverage my expertise in finance to create a meaningful impact in an emerging market. During the unique time surrounding the COVID-19 pandemic, I noticed a few primary things about cannabis as
an industry that drove me to explore bringing what I knew about financing, product development, and problem-solving to the industry.
The industry was deemed “essential” when traditional businesses were forced to close, despite the plant being classified as a Schedule I drug. At the time, thirty-five states had legalized some form of cannabis use. I firmly believed momentum eventually would drive national acceptance. Of the 12,000–15,000 banks that served traditional businesses at the time, fewer than 500 were taking cannabis deposits and less than 5 percent of those were lending to the industry. There are now more than 850 banks serving the industry, and that number is growing.
This led me to several conclusions. One, the industry had untapped potential. It is one of the fastest-growing markets in the world, but it faces unique challenges, particularly around access to capital. Traditional financial institutions remain hesitant to serve this space due to federal regulations, stigma, and the perceived immaturity of the industry, though I disagree with that last one. All of this creates a massive funding gap. In addition, the opportunity for expansion and growth is enormous. If the legal market is $30 billion annually and the illicit market brings in more than $100 billion, what will happen as things normalize?
I also realized entrepreneurs need to be empowered. Cannabis operators are entrepreneurial, passionate, and innovative, but they face hurdles due to the stigma and regulatory complexities of the industry. In the face of everything that is going against them, cannabis operators are some of the most resilient and perseverant of any business operators I’ve encountered.
I also welcomed a personal challenge. At Reliant, I was surrounded by very smart and capable people that enabled me to think freely and lean on them for execution. The company was doing very well on the other side of the pandemic, continuing to grow profitably and needing less from me than it did in years prior. Meanwhile, it is ten times harder to succeed in cannabis than in any other industry. Cannabis is highly and illogically regulated, an evolving market that requires navigating complex legal and financial landscapes with unique supply-chain dynamics and tons of things you cannot learn until you just go do them. Despite this, I wanted to up my skill set and continue to grow.
Additionally, this industry provides a unique opportunity. Cannabis isn’t just about commerce; it’s also about societal change. The industry has the potential to revolutionize healthcare, drive significant economic growth, and create new jobs.
Much of your focus has been on helping small and medium-size businesses gain access to funding. What attracts you to these types of companies? SMBs are the backbone of the economy. They drive innovation, create jobs, and bring diversity and vibrancy to every community. What attracts me most to working with SMBs is their resilience and entrepreneurial spirit. These businesses are often led by passionate individuals who have identified a need in the market and are willing to take calculated risks to pursue their vision.
Despite their importance, though, SMBs often face significant barriers when it comes to accessing capital. Traditional financial institutions tend to overlook them because they don’t fit into rigid underwriting models. I see this as an opportunity to make a real difference, not just by providing funding, but also by empowering business owners to grow, innovate, and create lasting impact.
In my career, I’ve witnessed how a well-timed financial solution can transform a business. At Reliant Funding, for example, we provided more than $3.5 billion to SMBs. It was rewarding to see the tangible results: new jobs created, businesses expanded, and communities strengthened.
Cannabis operators are some of the most resilient and perseverant of any business owners I’ve encountered.
What are you most proud of during your time at Reliant Funding?
At Reliant, we funded approximately 100,000 businesses across the country. Behind those numbers are real stories, business owners who were able to expand their operations, save jobs during tough times, or seize opportunities for growth they otherwise might not have had. Knowing that our work helped fuel their success is incredibly rewarding. Equally important to me was the company culture we fostered. Reliant grew to employ nearly 250 people. We created an environment where team members felt supported, empowered, and aligned with a shared vision. We focused on values like integrity, customer experience, and innovation, which helped us maintain predictable loss rates even as we scaled to profitably fund $300 million per year to our clients. Two rules born at Reliant will follow me for life: “hard work” and “a great attitude.” They were embedded in our culture and will always be part of my life.
Ultimately, I’m most proud of building a business that made a meaningful difference not just for our clients, but
also for our employees and partners. It reinforced my belief that when you combine purpose with execution, the results can be extraordinary.
You’ve won or been short-listed for several leadership awards, including Ernst & Young’s Entrepreneur of the Year and San Diego Business Journal’s Most Admired CEO. How do you view your responsibility as a leader? Recognition is always nice and can be humbling, but leadership is less about accolades and more about responsibility related to executing on vision, supporting employees, and delivering for clients and investors. I view leadership as a privilege and an opportunity to shape outcomes—not just for the organization, but also for the people who are part of it. My leadership style centers on a few core principles.
First, lead by example. As a leader, you set the tone. Integrity, attitude, work ethic, and accountability start at the top. People notice how you handle challenges, whether you’re transparent, the way in which you approach your
work, and how you treat others; it all matters. People emulate things they respect, so I try to give them reasons to respect the company we are building together.
Next, empower people. A leader’s job is to create an environment where your team can learn, grow, contribute, and thrive. When you deliver a productive work culture that is focused on solving problems or fueling growth for an industry and your clients, you are a CEO who leads. Not all leaders are good CEOs, and not all good CEOs are great leaders. I believe in hiring talented people; giving them clear goals and objectives, support, resources, and the trust they need to succeed; and then listening to them.
Also, focus on vision and execution. Great leadership requires a balance of strategy, vision, execution, and appreciation. It’s about inspiring others with a clear purpose while ensuring everyone understands their role in making the vision a reality. I believe the most successful organizations are the ones where everyone feels connected to what they are doing and appreciated for the same.
And you’ve absolutely got to adapt and evolve. The world is constantly changing, especially this industry. I believe a good leader stays open-minded and adapts to their environment while maintaining a desire to always be better and do better. I always look to learn from setbacks, pivot when the business “tells me” it needs a pivot, and keep the team focused on long-term success.
Winning awards like Ernst & Young’s Entrepreneur of the Year or being recognized by Inc. magazine or the San Diego Business Journal is an honor, but the most meaningful validation comes from results. Whether that’s seeing your team and clients succeed, watching the business grow, or hearing from employees that your leadership made a difference in their careers, those are the things that are the most meaningful.
Despite repeated attempts at federal financial reform, the industry is still waiting for any significant legislative action from Congress. Do you think we'll see legislation this year?
There is legislative momentum. While federal reform remains a work in progress, we’ve seen unprecedented developments. Both the Biden administration and key Republican figures, for the first time in history, have publicly supported reform in some capacity. We just had a presidential race where both candidates offered support. This bipartisan shift signals growing recognition of cannabis as a legitimate industry, not a fringe movement.
The sector has moved beyond its early, fragmented days. Businesses have become more sophisticated in
their operations, focusing on compliance, scalability, and sustainability. Technology is playing a larger role in areas like cultivation, product tracking, and consumer engagement, helping to elevate industry standards.
And the industry is becoming a significant driver of economic growth. It generates billions in tax revenue, creates tens of thousands of jobs, and stimulates local economies. This economic impact strengthens the case for further legalization and support at all levels of government.
Globally, countries like Germany, Canada, and Mexico are embracing reform, putting pressure on the United States to maintain its leadership in the industry. International acceptance of cannabis further validates its viability as a mainstream market.
The convergence of shifting public attitudes, groundbreaking legislative changes, and industry evolution gives me confidence we’re on a strong trajectory.
The cannabis finance landscape may experience significant changes this year due to several key factors. Discussions around federal reform, including potential rescheduling from Schedule I to Schedule III [under the Controlled Substances Act], could materialize. Such a change would ease financial burdens caused by [Section 280E of the Internal Revenue Code], allowing businesses to deduct standard expenses and thereby improving profitability and attracting institutional investors. If rescheduling happens, I believe it will lead to more confidence in the future of the industry as nationally viable.
The SAFER [Secure and Fair Enforcement Regulation] Banking Act, which aims to grant cannabis businesses access to traditional banking services, also could reemerge this year. I am not a huge believer this will be a big difference-maker. Almost every cannabis business that wants to be banked can be. Regardless, every little bit helps. If enacted, SAFER could reduce reliance on cash transactions, reduce the cost of banking, improve cash flow management, and potentially open more options for mainstream financial products like lines of credit and credit card transactions.
With regulatory improvements and greater financial stability, more institutional investors may enter the cannabis space this year. Private equity, venture capital, and hedge funds could provide businesses with the capital needed to scale, increasing competition for high-quality assets. The financial landscape could see an increase in mergers and acquisitions as businesses consolidate to achieve
economies of scale and improve efficiency. Access to more robust financing tools will facilitate these deals, further professionalizing the industry.
And with more countries moving toward legalization, cross-border financing and investment could become more prominent. U.S. companies may start to collaborate with international partners, creating new funding streams and expansion opportunities.
You see a lot of balance sheets. Is it fair to say the industry has a problem with past-due receivables?
Past-due receivables are a significant challenge in this industry. Many businesses struggle to keep up with accounts payable while waiting on collections from accounts receivable. This creates a bottleneck, as businesses rely on those receivables to reinvest in operations, pay taxes, or purchase inventory.
One of the most significant issues contributing to the volume of past-due receivables is that payment terms in this industry often do not align with businesses’ revenue cycles. For example, cultivators and manufacturers may have to wait weeks or even months to get paid by distributors or retailers, but they still need to cover operating expenses including labor, utilities, and compliance costs in real time. Similarly, retailers often face significant upfront expenses, such as inventory purchases, while their revenue accrues gradually as products are sold. This mismatch creates a cash-flow crunch that ripples throughout the supply chain. If the average timeline to revenue is three to five months and the average payment for goods and services is zero to thirty days, you have a very large disconnect in cash flow. This is exacerbated by a lack of credit infrastructure. Because cannabis businesses typically lack access to traditional credit facilities or loans, they operate with limited financial flexibility. This intensifies the impact of delayed payments. The lack of credit infrastructure and the mismatch between revenue cycles and payments due create a doom loop of people not paying, which leads to those they do not pay delaying their payment to the people they owe, and so on.
In addition, at least in newer markets, the cannabis supply chain often expands rapidly, leading to overproduction or misaligned payment terms. Distributors, retailers, and manufacturers may stretch payment timelines as they manage their own cash flow, creating a domino effect up the chain. And then there’s the tax-burden issue. With federal prohibition and regulations like 280E, cannabis businesses face disproportionately high tax obligations. Without the ability to deduct normal business expenses, companies are
left with slimmer margins, making outstanding receivables even more problematic.
Unresolved past receivables create uncertainty about cash flow, profitability, and overall financial health, all of which are key factors investors scrutinize. A company with a high volume of unpaid invoices may appear less stable, which can affect its valuation and attractiveness as an investment.
With venture capital on hiatus, what are the industry’s best options for raising funds?
Despite federal prohibition limiting access to some mainstream financial products, the industry has developed alternative pathways to secure funding. The key is finding the right mix of options tailored to each business’s specific operational and financial goals.
Specialized lenders like FundCanna focus exclusively on the cannabis industry; they understand its regulatory challenges and unique financial needs. These lenders offer programs that are specifically designed to support all aspects of running a business in all areas of the supply chain.
Specialized lenders can provide short-term loans—meaning with a term of two years or less—tailored to meet operators’ unique cash-flow needs. These loans are often used for inventory or biomass purchases, nutrients, expansion of grow facilities, supplies, equipment, or adding locations.
Other types of loans also are available. Revenue-based financing involves borrowing against a percentage of future revenues. It’s particularly useful for businesses with steady sales but limited collateral. Many lenders offer loans or leases specifically for equipment purchases, allowing operators to acquire necessary tools without a significant upfront cost. Alternative lenders or cannabis-specific financial institutions provide real-estate loans for purchasing or improving facilities, including cultivation sites or retail dispensaries. In addition, you can explore a “saleleaseback.” This provides immediate capital while allowing the operator to continue using the asset.
In some states, operators can access funding programs designed to support social-equity applicants and small businesses. These may include grants, low-interest loans, or fee waivers for licensing. And don’t forget trade credit, which many suppliers and vendors in the cannabis ecosystem offer, allowing operators to purchase goods and services with deferred payment terms. This can help businesses manage cash flow without needing immediate capital.
What’s your best advice for the future?
Continue to be a student. There is always more to learn.
When you combine purpose with execution, the results can be extraordinary.
From small and unassuming to gargantuan and flashy, skillfully
executed
exhibits at the industry’s largest trade show in December demonstrated the art and science of crafting a lasting impression.
BY MG MAGAZINE STAFF PHOTOGRAPHY BY MIKE ROSATI
A well-designed two-story, 20-by-20-foot island booth effectively highlighted Metrc’s role as a leading compliance-tracking system provider. The exhibit’s clean, engaging graphics, combined with integrated display monitors, created a seamless visual experience that clearly communicated Metrc’s expertise in simplifying supply chain decision-making.
Key design elements included warm wooden shelving and counters, which added a sophisticated touch, and a striking live-plant wall featuring an illuminated Metrc logo. The natural accents underscored the company’s commitment to sustainability and innovation.
Metrc also made a lasting impression with visitors by giving away high-quality branded swag including bags, hats, and phone cases.
Athena Ag specializes in formulating and manufacturing liquid and dry fertilizer blends tailored for commercial cannabis cultivators. The company’s 20x30, two-story exhibit exemplified precision and elegance. The minimalist black-and-white palette accentuated the vibrant labels of Athena’s products, creating a visually striking contrast, and the design thoughtfully incorporated angular elements, adding architectural interest to the space.
Intended to function as an exclusive meeting area, the upper level’s bar, product displays, and modern lounge provided a refined setting for private discussions. Custom coffee tables equipped with built-in speakers and plush, double-padded carpeting enhanced the visitor experience, reflecting the company’s commitment to quality and attention to detail. Athena’s meticulously crafted exhibit effectively communicated the company’s dedication to excellence.
LuvBuds, a distributor of smoking accessories, vape products, and customizable retail solutions, transformed its massive 2,000-square-foot exhibit space into “LuvBuds University.” The fabricated, campus-themed booth replicated the charm of a traditional Ivy League campus, complete with a central tower adorned with the LBU crest, standing as a beacon visible throughout the convention hall. The immersive setup created an experiential environment for visitors to explore.
Staff members added to the fun by donning custom letterman jackets emblazoned with “LUV U” on the back, wittily conveying the collegiate spirit. Throughout the space, products were displayed thoughtfully on open shelves, allowing attendees to browse easily in an interactive setting.
The booth’s creative design and attention to detail elevated LuvBuds University from a simple product showcase to an imaginative, memorable experience.
Blazy Susan, known for its innovative smoking accessories and “Smoke Pink” branding, brought a touch of the outdoors to the exhibit floor with a creative camping theme. The 20x20 booth featured a custom-wrapped Sprinter van as its centerpiece, doubling as both product display and backdrop. The vibrant pink design extended to every detail, from the products on display to the uniforms worn by team members.
Visitors could hold meetings around a cozy campfire or at a picnic table, fully immersed in the booth’s thematic presentation. Pine-tree cutouts surrounded the space, reinforcing the outdoor vibe and providing a bit of seclusion on the busy show floor. Team members wearing matching plaid flannel shirts added a lively touch that further emphasized the brand’s playful personality.
Blazy Susan’s execution transformed an exhibit into an inviting, memorable experience.
A leader in rolling solutions and accessories, Futurola captured attention with an innovative approach to its 50x20 exhibit space. Foregoing traditional structural elements, the company invested in a towering 50-foot-wide, 30-foottall high-definition LED video wall. The striking visual centerpiece showcased one of the company’s key celebrity partners, Mike Tyson, whose larger-than-life image dominated the display. Tyson also made a personal appearance, signing autographs and engaging fans, drawing a crowd that added to the booth’s electric atmosphere.
The clean, modern aesthetic extended to the exhibit’s display counters, which featured subtle branding and backlit lighting that perfectly contrasted with the video wall. White served as the dominant color down to the uniform attire of the Futurola team, reinforcing the sleek and cohesive presentation. The open layout allowed attendees to engage with products easily while enjoying an unobstructed view of the dynamic video content.
Futurola’s exhibit demonstrated how a bold, minimalistic design combined with cuttingedge technology and star power can create an unforgettable trade show experience. It not only highlighted the company’s innovative product offerings but also underscored the brand’s commitment to standing out in a competitive marketplace.
A bold and cohesive visual statement, Display Dispensary’s 20x30 booth blended creativity with functionality. Anchored by a dramatic, gigantic sculpture of a hand—crafted in-house by the company’s mannequin division—the booth commanded attention while cleverly showcasing Display Dispensary’s design capabilities. A striking wall of much smaller hands held examples of the firm’s FlowerBox displays, lit in the company’s signature green.
Edgy graffiti artwork featuring the company’s tagline added a contemporary urban flair. Green LED accents framed the booth, tying the elements together and reinforcing branding. Staff members in custom-branded baseball jerseys, mirrored by similarly dressed mannequins, further emphasized the company’s attention to detail and thematic consistency. Every aspect of the exhibit demonstrated the Display Dispensary team’s mastery in creating captivating displays and imaginative merchandising systems.
Strategic layouts and creative use of stock components helped these exhibits create memorable experiences.
Abstrax showcased its expertise in terpene research and product innovation with a sleek and modern 20x20 exhibit. The inviting design, dominated by a dark matte exterior, drew visitors through illuminated archways and into a brightly lit interior. Inside, the centerpiece was a sophisticated counter for sampling and discussion, paired with clean, minimalist shelving that emphasized the premium quality of the offerings. The use of neon lighting and natural wood accents created a dynamic yet welcoming atmosphere.
Honest transformed its 10x10 booth into a thoughtfully curated product showcase. Constructed of plywood, the no-frills design reflected the brand’s clean aesthetic. Custom signage behind each product added a polished touch, guiding attendees through the offerings. While simple, the booth’s ingenuity and strategic layout highlighted the products effectively, proving creativity can make a small space memorable.
Positioned as the exhibit hall’s title sponsor, Chubby Gorilla’s 20x40 booth impressed with its sleek black exterior, clean white graphics, and bold yellow accents. Inside, backlit duratrans panels showcased packaging solutions with eye-catching artwork. The minimalist design and rotating sign prioritized visibility and branding, demonstrating strategic visuals and thoughtful execution can leave a lasting impact without elaborate structures.
Nature’s Miracle showcased lighting from subsidiaries efinity and Iluminar using a standout feature: a detailed miniature replica of a full-scale production facility. The remarkable model served as both a visual centerpiece and an effective educational tool, allowing the team to highlight the company’s cultivation solutions and services.
A thoughtful 20x40 layout elegantly showcased Leafy’s turnkey edibles and beverages. Long counters displayed products on circular trays topped with clear glass domes, evoking a highend confectioner. The team engaged attendees like chocolatiers, offering samples and creating a tactile, boutique experience that highlighted the variety of beverages and edibles in a visually striking and approachable manner.
Known for its cutting-edge packaging equipment, High Tek USA turned its space into a showroom for “the Ferrari of packaging equipment.” Live demonstrations brought to life machinery for weighing, sorting, and packaging, showcasing both precision and innovation. Vibrant accent lighting added a sleek, modern flair, proving even industrial equipment can exude a sexy vibe.
Instead of relying on architectural complexity, vape hardware solutions provider ACTIVE elevated its booth with a bold color choice. The bright-yellow design caught attention across the exhibit hall, creating a lively and approachable atmosphere. Simple yet effective, the exhibit highlighted the company’s products, carefully displayed in illuminated showcases. The booth exemplified how thoughtful use of color and layout can leave a lasting impression.
The Cones Factory demonstrated how creativity can transform a standard exhibit into a standout experience. By showcasing custom pre-rolled cones and white-label packaging products through carefully curated displays, the company created an engaging interactive experience. Striking a perfect balance between professionalism and playfulness, The Cones Factory showed how ingenuity and creativity can make even a simple structure impactful.
Sleek, circular illuminated display cases, artfully aligned to create depth and visual intrigue, helped Caleaf Tech’s exhibit stand out. The bright-green LED lighting, paired with precisely placed product displays, drew visitors’ attention to the brand’s offerings. The modern and minimalist design complemented the company’s focus on technology and packaging solutions.
The Bureau’s exhibit is a strong example of minimalism done right. The inviting and spacious design provided ample room to showcase products while maintaining a clean, organized aesthetic. Illuminated displays and thoughtfully arranged shelving emphasized the offerings without clutter or distraction. The Bureau’s booth highlighted how a minimalist approach can enhance architectural design in exhibit spaces to create a professional and impactful presentation.
The cannabis sector may support as many as 800,000 jobs by 2028, according to staffing firm CannabizTeam, nearly doubling the 440,000 jobs the industry supported in 2024. Few verticals will enjoy more growth than cultivation, where the magic begins.
Among employers, a key trend is an increasing preference for candidates with degrees in fields like agriculture, biology, or related sciences. Traditional legacy growers gradually are being replaced by those with formal academic training, reflecting the industry’s shift toward more structured expertise with a large-scale manufacturing mindset. Recruiters also are seeing an increase in demand for employees who are well-versed in compliance and regulations, emphasizing an overall shift from legacy to corporate.
“As the industry continues to be heavily regulated and is forever changing, the need for professionals with expertise in compliance and regulatory affairs continues to expand,” said Adelia Carrillo, co-founder of networking organization Blunt Brunch. “We’ve seen many companies seeking compliance officers and legal professionals who specialize in cannabis regulations to help businesses navigate state and local rules.”
Industry jobs also are increasingly multifunctional. Due to budget constraints fueled by tax challenges and other financial hurdles, employees are expected to handle a variety of responsibilities from operations to social media and retail management, making adaptability a highly sought trait.
According to CannabizTeam founder and Chief Executive Officer Liesl Bernard, a solid education and versatility are key traits for team members in any field. “A lot of companies, despite being large multistate operators (MSOs), still want people with an entrepreneurial mindset who can wear many hats,” she said.
While roles in cultivation and extraction require employees to be onsite, executive positions at MSOs are trending toward hybrid setups. This shift mirrors the geographical expansion of operations and the industry’s evolving work structure.
To understand the immediate career demand for plant-touching roles, we surveyed industry staffing agencies, executive headhunters, and networking organizations. Their insights, combined with 2024 trends, helped us categorize the following roles into high, medium, and low demand as companies head into 2025.
Salary range: $150,000–$250,000
Demand level: high
Experience/training: at least a decade in large-scale cultivation.
Directors of cultivation play a strategic role in the industry, particularly for MSOs, overseeing operations across multiple locations. According to Bernard, cultivation directors need cannabis experience and a deep understanding of what it takes to run and optimize complex agricultural processes. Formal degrees and experience leading large teams are essential. The best candidates demonstrate measurable accomplishments in previous positions.
“Being able to provide a portfolio of photos of your product and/or providing a list of stores where the product you grew can be purchased is immensely helpful when being considered,” said Kara Bradford, CEO at Viridian Staffing.
Salary range: $120,000–$250,000
Demand level: low to medium
Experience/training: a decade in operations management, with three to five years in cannabis or another regulated industry. A background in business administration or supply-chain management often is required, along with expertise in compliance and scaling operations.
Operations directors and chief operating officers are vital for overseeing complex logistics, compliance, and day-to-day processes. Companies both large and small seek candidates with a deep understanding of operational efficiencies and the ability to navigate ever-changing regulatory challenges. Experienced leaders with a proven track record of scaling businesses and optimizing workflows are highly valued.
“Where we saw companies make cuts in the past few years, they’re now looking to bring on operations directors with a breadth of experience instead of paying multiple salaries,” Bradford said. “They expect the individual in this role to be an exceptional people manager in addition to being able to minimize costs while maximizing revenue.”
Salary range: $100,000–$200,000+ with commission
Demand level: very high
Experience/training: solid background in business-to-business sales with at least a few years in cannabis sales or sales in a similar regulated industry.
Bulk sales directors, especially those with an established client base, are in very high demand. Companies look for candidates with a reputation for driving bulk sales, opening new accounts swiftly, and leveraging a strong industry network.
“My clients normally are looking for cannabis experience, especially for sales positions,” said Raymond Navis, managing partner at executive recruiting firm R.W. Navis & Associates. “Candidates who can hit the ground running with a strong Rolodex are preferred.”
Salary range: $90,000–$150,000
Demand level: high
Experience/training: five to ten years of agriculture or cultivation experience, ideally in berries, flowers, or cannabis.
Cultivation managers oversee day-to-day growing operations, ensuring highquality crop production. According to CannabizTeam’s Bernard, companies increasingly look for candidates with formal education in agronomy and biology, providing more employment opportunities for people without experience in legacy operations.
“When we started CannabizTeam eight years ago, companies didn’t have a lot of choices as far as who they could access,” Bernard said. “At the time, people from the [old guard] industry were very in demand. But as the space has matured, companies are now asking for people with more education in agronomy, biology, and agriculture. The industry is professionalizing and becoming more sophisticated, and businesses are adjusting their talent needs accordingly.”
Salary range: $70,000–$120,000
Demand level: medium
Experience/training: at least three years in post-harvest processing or packaging.
Post-harvest managers oversee drying, trimming, curing, and packaging to ensure product quality and consistency at scale. As the industry matures and competition intensifies, demand for professionals skilled in cutting costs through operational efficiencies continues to grow. In key markets like California, Michigan, New York, and Florida, documented expertise in large-scale facility management gives candidates a decisive advantage.
“Because of the industry expanding, there’s a lot of demand for this position, because it all starts with cultivation,” Bernard said. “You can’t have products on the shelf without it. And states still have to do cultivation independently, so whenever a state goes adult-use, the demand in cultivation shoots up.”
Salary range: $40,000–$80,000
Demand level: high
Experience/training: chemistry or biochemistry degrees are preferred.
Extraction technicians create concentrates and oils. According to Bradford, the role requires both scientific knowledge and practical experience, particularly in the extraction of cannabinoids. Candidates with a chemistry background often stand out, although hands-on experience with extraction equipment is highly valued.
Salary range: $14–$22 per hour
Demand level: high
Experience/training: one harvest cycle of experience.
Harvest technicians are entry-level positions, but they’re in high demand due to labor shortages in some regions. People in this role trim, package, and process crops. Companies often seek technicians with hands-on cannabis harvest experience or similar experience in other agricultural industries.
“It comes down to supply and demand,” Bradford said. “There is a high demand in several industries for the same group of individuals willing to work in hourly roles, which is why we’ve seen wages for this position increase.”
A modern interpretation of classic concepts makes Indigo comfortably energetic.
In color theory, indigo is associated with intuition, perception, and the “third eye.” Powerful and dignified, the hue conveys integrity and trust, and exposure to the shade is thought to help people develop new insights and a willingness to explore.
All of that undoubtedly was on Michael Ziegler’s mind as he created the concept for his Brooklawn, New Jersey, dispensary. Named for the color strategically used throughout its interior, Indigo makes no apologies for a subtly New Age attitude that perfectly dovetails with the cannabis industry’s traditional values: education, compassion, and healing. At the same time, Indigo
encourages consumers to imagine experiences and perspectives that go beyond the everyday.
Located on the state line separating New Jersey from Pennsylvania, the dispensary’s clean, invigorating design and curated product selection draw visitors from both Brooklawn and Philadelphia. Display Dispensary Project Managers Jeff Sunga and Georgia Peterman worked closely with Ziegler to refine his floor plan and merchandising strategy.
“Customers always have a vision, and we strive to be respectful to that vision,” Sunga said. “We want to be a true partner in creating and bringing to life their ideas.
OPPOSITE: Drawers from the Dispensary123 collection line the walls behind sales counters, providing storage space that’s neat and easily accessible.
ELEMENTS FROM THE DISPENSARY123 COLLECTION CAN BE CUSTOMIZED TO CREATE A UNIQUE VIBE IN ALMOST ANY SPACE.
“What we don’t want to do is say ‘you’re doing it wrong,’” he added. “We want to work with them to enhance their plans and make them feel comfortable with the finished design.”
Part of making clients comfortable is helping them establish a merchandising plan during the design phase, according to Peterman. Trying to display too many products can be as bad for business as displaying too few, but incorporating items like a flower bar, display cases with maximum glass, and iPad informationand-ordering stations can keep the sales floor easy for staff to navigate while encouraging customers to explore.
“Our background in retail environments helps us design customer flow, behind-counter interactions, and
back of house,” she said. “All those things have to work for the client so they don’t get stuck in too tight a space.”
For Indigo, Ziegler chose fixtures from the Dispensary123 system, a collection of in-stock components that can be customized to create a unique vibe in almost any space. Sunga said customizing in-stock materials can save both build-out time and money.
“Customizing in-stock units can save clients 45–50 percent and cut months off the timeline,” he said. “When we use our stock, from the time they come to us with their ideas to the time they’re actually up and running is usually about thirty days.”
That efficiency comes without sacrificing build quality or design character. Ziegler wanted a youthful vibe
and energy that would feel familiar and comfortable for visitors of all ages. To achieve the effect, Display Dispensary augmented Indigo’s bright, airy interior, branding, and striking color palette with white display cases, sales-floor fixtures, and drawers. The point-of-sale stations, iPad stands, and countertops are finished with raw-oak laminate, which Peterman called “very good for commercial use. It’s easily cleaned, doesn’t show fingerprints, and generally exemplifies all the things you want to see in a busy retail environment.”
Indigo’s design ticked all the boxes for Ziegler and his target market, resulting in a friendly, comfortable, practical space that offers customers an elevated shopping experience.
robust, integrated, open-architecture security system can offer protection and assist in compliance.
BY SCOTT THOMAS
Businesses that operate in a cash-intensive environment are attractive targets for criminals. A recent spike in violent robberies at cannabis retail outlets across the United States has caused business owners to rethink their security strategies, prioritizing ways to safeguard their stores and employees.
Regulations also are evolving. Because each state government makes its own rules, fragmentation adds difficulty to compliance. The industry overall has matured, and the transition from medicinal to recreational markets has accelerated. More than three-quarters (77 percent) of the U.S. population now resides in a state with legalized cannabis.
Protecting a business and remaining compliant requires securing facilities, overseeing the production process, providing audit reports, and monitoring operations. Unifying physical security systems is key to remaining compliant and secure. Securing a cashintensive business means video surveillance, intrusion detection, panic alarms, and access control must be part of system design. With a unified security system, these measures operate together seamlessly. Most operators unify both access control and intrusion systems with video surveillance. In
some areas, this is mandated. In all areas, it’s best practice. Unification helps teams verify policies and procedures, augment audits, expedite investigations, and mitigate risk. Video surveillance also can unify with point-of-sale, identity verification, and inventory management systems in dispensaries.
Access control also is needed throughout the enterprise, with only specific individuals having authorization to enter restricted areas. State and city regulators may require audit logs of these areas, as well as video verification that only authorized employees are using their assigned credentials.
With a unified system, access points can be correlated with video to provide visual confirmation when a badge or fob is swiped to let you know who has entered any part of the facility and when they accessed the area. Not only does this add an extra layer of security, but it also creates a record for auditing purposes.
Intrusion-detection systems are also a staple in cannabis security design. Local regulations may require active monitoring of perimeter fencing around a cultivation facility, the cultivation center itself, and any production, processing, or storage facilities. Dispensaries require a full intrusion system including
duress alarms to monitor potential forced entry, burglary, and armed robbery.
A unified security system can add value from an operational standpoint as well. Notifications about temperature fluctuations, water flow, and energy consumption in cultivation facilities can alert operators of potential issues that may require immediate response.
In addition to necessary security measures, most states track everything about the industry from seed to sale. Regulations can cover every step from planting a seed through the growth process and production to the transportation and dispensing of the products. A unified system can help ensure compliance.
A robust physical security solution tracks these various stages throughout the plant’s life cycle until it reaches the dispensary. Inventory tracking, with scannable barcodes, follows this process from seed to sale. If audited, synchronizing data across a platform makes the process far easier.
This is where an open-architecture, unified security system becomes important. An open-architecture security system can provide the necessary integration between the barcode or radio frequency identification (RFID) scanners and correlated video that serves as a visual verification. Each stage in the production process is searchable in the system. Being able to see the entire process from start to finish will help secure your inventory throughout its life cycle.
When evaluating security solution providers, operators should ask about the firm’s experience with and understanding of local regulatory requirements. System components must meet these requirements, so it’s important to weigh the security provider’s background in the decision.
As you consider the needs of your production facility, it’s also a good idea to consider not only your current goals but also plans you may have for the future. A unified, open-architecture system allows you to select from a wide range of cameras and devices
Keeping customer and financial data secure maintains trust in the operator’s brand and complies with regulatory requirements. Many states have promulgated regulations around data as concerns over privacy increase.
For a comprehensive data security strategy, your system’s data must be secured across your entire environment. A unified security platform must also keep data safe from employees who don’t have authorized access and mitigate exposure to outside cyber risks like camera hacking, password theft, and ransomware. Working with a solution provider that specializes in cybersecurity can limit your exposure to hacking and help keep your data safe.
Protecting a business requires more than securing facilities.
as your business expands, without being locked into specific hardware. It can also help you stay in compliance with regulations and adopt cloud-based solutions for evidence sharing and storage.
Cannabis operators are competing in a rapidly growing industry, and regulations are evolving constantly. Criminals also are continually evolving, finding new tactics to take advantage of this unique, cash-based business. To succeed, invest in an openarchitecture, unified security platform that scales for future growth; maximizes operational efficiency; protects your people, products, and data; and meets compliance in all jurisdictions.
While 2024 probably won’t be remembered as a banner year for game-changing innovation, more than a few companies succeeded in creating the type of incremental improvements that immediately deliver bigger pro ts and better customer experiences. From lighting and nutrients to remediation and packaging, there’s a new product worth considering for nearly every cultivator with big goals for 2025.
MSRP: $1,995
MSRP: $340,000
Purpl Scientific’s Purpl Pro is a handheld dry-flower testing device that works with a smartphone to analyze moisture content, water activity, potency, and some minor cannabinoids, providing results almost immediately. According to the manufacturer, readings are accurate to +/- 2 percent for THC and CBD. With an optional $19.99 monthly subscription, users get access to testing for alcohol-based distillates, hash, and rosin. A software expansion for analyzing minor cannabinoids including CBN, THCv, and CBG is expected in early 2025.
MSRP: $240 (24-gallon version)
The CureTube is a simple, straightforward curing solution for cultivators seeking an alternative to mason jars without ditching the traditional burning process. The container features a growerfriendly lid with a burp door to ease access to the flower, a built-in hydrometer with an external display, slots for humidity or oxygen packs, and a whiteboard for notes during the curing process. The twenty-four-gallon tube can cure up to ten pounds of flower in fourteen days.
Ziel’s new RFX remediation machine uses radio frequency technology to clean moldy flower. The non-ionizing technology creates an oscillating electromagnetic field that syncs with the flower’s moisture content, spinning 27 million times per second and creating enough friction to heat and kill microbial pathogens without damaging or decarboxylating THC.
MSRP: $1,099
The ROI-FF is the final release from Growers Choice’s ROI series of commercial LED fixtures and represents a significant upgrade over the previous 720-watt flagship fixture. The new ROI delivers 1,950 photosynthetic photon flux (PPF) with power consumption of 650 watts. Fixtures are available with and without onboard power.
MSRP: $28,000
Set to launch during the first quarter, Mobius’s new stainless-steel dry trimmer can process up to twenty-five pounds of flower per hour and has a clamshell lid design for easy loading and cleaning between strains. The machine’s auto-tensioning shear band technology is designed to eliminate the need for lubricants or vacuums that can strip trichomes. A touchscreen display makes control easy.
MSRP: unavailable
A new concentrate container made from Type 1 medical-grade glass is expected to launch in the spring. Grove Bags’ TerpJar aims to bring TerpLoc terpene preservation technology to concentrates. The two-gram-capacity container features black-amber coloring for maximum protection from ultraviolet rays and a gastight seal to preserve freshness.
MSRP: $1,877
EZ Trim’s adjustable trellis netting application tool is easy to maneuver around tight doorways, narrow halls, and crowded grow rooms. The system extends to eight feet in height, allowing one person to roll out three four-foot or six-foot rolls of material at once without dragging netting or catching plants and stakes. Adjustments are made by loosening two knobs and sliding the rails to the desired height; measurements on the frame ensure accurate positioning.
MSRP: unavailable
Hefestus is preparing to launch a new flower-packing system with intelligent capabilities. The MultiBud-24 weighing machine identifies and sorts size grades A, B, and C. When paired with the AutoBag and AutoJar machines, the system can fill containers with any ratio of small and large buds to meet weight requirements and ensure visual appeal.
MSRP: $200
The updated Chroma under-canopy light slated for release in the second quarter adds spectrum adjustability from R4 to R9 red and white with a lifespan of 50,000 hours. According to the manufacturer, under-canopy lighting can increase yields by an average of about 30 percent. Each fixture features a controller, passive thermal management, an IP66 waterproof rating, and dimming from 25 to 100 percent. Cultivators can daisy-chain up to twenty lights at 0.43 amps.
MSRP: $9,500
Sunflower’s updated tumble-style trimmer can process up to thirty-five pounds of dry flower or eleven pounds of wet flower per hour. The high-capacity stainless-steel hopper moves buds slowly through the steel tumbler, where they’re trimmed. Tumblers are available in three grid sizes optimized for large buds, average-size buds, and popcorn nugs. Adjustable blades allow customization, and an integrated ventilator collects dust to keep the work environment clean.
MSRP: varies by subscription
TSRgrow’s Smart Power as a Service combines LED lighting, power servers, and integrated software designed to cut energy costs by as much as 20 percent. Subscription packages are available in three tiers tailored for small-scale cultivation, growing businesses, and high-performance cultivators. All include 24/7 monitoring and support.
MSRP: unavailable
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BY ALYSON JAEN, ESQ.
Twenty-five years after Colorado legalized medical cannabis and a decade since greenlighting adult-use sales, the Centennial State made history again as one of the first to legalize psychedelics. The passage of the Natural Medicine Regulation and Legalization bill in May 2023, however, created more questions than answers—first and foremost, what the emerging legal psychedelics industry will look like and how it will be regulated.
Anyone who followed the ups and downs of the socalled “’shroom boom” that’s been driving psychedelics investment and research in recent years may also be wondering how to get on board. Frequently asked
questions include whether entrepreneurs will be able to hold both cannabis and psychedelics licenses.
Another question is whether medical cannabis founders will have an advantage in what looks to be a highly medicalized market for psilocybin and other “natural medicines” pending regulatory approval: dimethyltryptamine (DMT), ibogaine, and non-peyotederived mescaline.
As an attorney who has represented cannabis businesses since 2014, I predict most of the current questions about the nascent psychedelics industry share a common answer: Natural medicines will be regulated much like the Colorado medical cannabis market. The
Centennial State’s medical roots offer a vital legal structure not only in Colorado but also eventually in other state and national markets.
Oregon is also an early leader in the legal psychedelics space—the first state to legalize therapeutic psilocybin in 2020, with the first licensed psilocybin clinic opening three years later. In the Beaver State, as in Colorado and other states like California that are contemplating opening a legal psychedelics market, cannabis is the closest analog to psychedelics to which regulators and legislators can refer.
The modeling of a new market on its closest predecessor is already tried and true. After all, the Colorado medical cannabis market certainly didn’t materialize from thin air. Rather, Colorado’s policies were modeled, partially, on existing regulations for other highly regulated product categories like tobacco and alcohol, as well as traditional agriculture. Meanwhile, other states like Wyoming and Texas have tiptoed into medical cannabis with restrictive laws on THC content and permitted product formats.
This paradigm stems not only from decades of anti-cannabis messaging but also from reasonable public health concerns that naturally exist in a relative information and research vacuum. Similarly, psychedelics represent a great unknown.
Although significant research was conducted in the middle of the past century, scientists only recently began exploring new hypotheses that will inform the way these psychoactive, hallucinogenic, and dissociative substances affect both people and public life. Practically speaking, psychedelics affect people in significantly different ways from cannabis—or alcohol or tobacco, for that matter—and we’re still trying to understand what those ways are.
That’s a fact that any future regulations must acknowledge and inform the strong consensus for a clinical, rather than retail, approach to legal psychedelic sales and consumption. Indeed, Colorado’s psychedelics law specifically refers to “healing centers” in addition to cultivators, manufacturers, and testers as examples of “natural medicine businesses.”
On their face, healing centers do feel meaningfully different for consumers from, say, a magic mushroom dispensary where someone can go pick up a few caps before a music festival. Behind the public-facing retail fronts, however, the regulatory structure for legal psychedelics likely will have more in common with
the legal structure for medical cannabis—in particular, restrictive state programs that allow only low THC/high CBD extracts, for example.
The legal psychedelics industry will begin with strict, narrowly defined and enforced regulations and small-scale operations. From that foundation, the market will expand in step with public sentiment and legislative familiarity. Possibly, the market one day may include integration with existing healthcare facilities or nonclinical retail models.
Before that expansion, however, psilocybin businesses likely will encounter some of the same challenges and regulatory realities cannabis companies have experienced—both at the state level and under the federal Controlled Substances Act. Compliance metrics for corporate governance structures and zoning restrictions, for instance, likely will be informed by existing cannabis regulations because of federal scheduling and to reduce the exposure of minors to psychedelic substances or advertising.
The federal stance on psychedelics also will influence banking restrictions much as it has with cannabis, including impacts on the accessibility of financing and investment capital, payroll processing, insurance policies, and other operational necessities. Colorado’s law also made clear, at least for the time being, Internal Revenue Code Section 280E will affect the nascent psychedelics market exactly as it has the cannabis industry, forbidding the deduction of business expenses that are standard in other sectors.
In fact, the Natural Medicine Regulation and Legalization bill summary states, “Under federal law, certain expenses are disallowed under section 280E of the Internal Revenue Code. Under state law, the state income tax code permits taxpayers who are licensed under the Colorado Marijuana Code to subtract expenses that are disallowed by section 280E of the Internal Revenue Code.”
As anyone who has ever filled out a cannabis license application knows, psychedelics aren’t the only path to ego death. That’s one reason, of many, entrepreneurs in this new sector likely will come from the cannabis industry—or at least look to cannabis operators for guidance on how to navigate the emerging psychedelics regulatory framework. Professionals with experience in cannabis are poised to leverage their knowledge to anticipate and address regulatory challenges in the psychedelics sector.
Despite a narrow defeat for adult-use legalization in November, the Sunshine State continues to offer financial incentives.
BY CHRISTOPHER JONES
Nearly every election over the past decade has changed the landscape for the cannabis industry, and 2024’s was no exception. Whether a second Trump administration bodes well for the industry is anyone’s guess, but reading between the lines there is reason to believe the next four years could produce some positive outcomes.
Florida’s medical cannabis market was expected to surpass $2.1 billion in sales during 2024, according to an estimate by the Brightfield Group. Although an initiative to legalize recreational sales and use barely failed to meet the state’s supermajority threshold for passage, advocates will try to push the issue across the finish line in the future, eventually resulting in a $5–$6-billion market.
Given Florida’s population of 22 million residents and the 140 million tourists who visit the Sunshine state every year, it’s not hard to imagine the state could become the biggest cannabis market in the country if recreational legalization passes. An analysis by Florida’s Office of Economic and Demographic Research estimated
recreational marijuana could bring in at least $196 million and as much as $431 million annually in sales tax revenue.
In anticipation of a thriving recreational market, Trulieve, Curaleaf, and other multistate operators have invested heavily in Florida over the past few years, but it’s anyone’s guess how much longer they will have to wait.
“Sometimes it takes an unpleasant person to get something radical done,” said Curaleaf Chief Executive Officer Boris Jordan, on his optimism about the incoming administration. So long as the next Attorney General doesn’t throw up any roadblocks, cannabis remains on track to be rescheduled sometime this year. That’s expected to result in major tax savings for operators due to the elimination of Internal Revenue Code Section 280E, which prohibits companies that traffic in Schedule I substances from deducting standard business expenses.
As investors survey the lay of the land in 2025, it will be challenging to find any sure bets but there are always opportunities, said Irina Dashevsky, a partner and co-chair of the cannabis law
practice group at Greenspoon Marder. “If I’m an investor, I’d be looking at making moves on cannabis stocks, because you know what the warts are and you know what you’re getting in terms of established companies with established brands, established operations, and licenses,” she said. “It’s far less speculative, and you can get a lot of bang for your buck that way.”
On the state level, Dashevsky opined New York is still a risky bet for investors, due to the unlimited licensing structure and the well-established illicit and gray markets. “I think we’ve got a lot of new and small investors, like landlords, jumping into the game there,” she said. “You can have very nice, small operating businesses in New York, but that whole scheme with unlimited licenses is designed to have tons of small industry participants, and therefore it’s hard to scale.”
Florida, on the other hand, presents a more enticing opportunity over the long haul because of the state’s limited licensing scheme and a requirement that cultivation, manufacturing, and retail operations be vertically integrated.
“Florida is way more interesting with way more upside,” Dashevsky said. “I still think investors are more interested in limited-licensure markets.”
Of course, unless state and federal agencies begin cracking down on the illicit market, legal operators will continue to be at a distinct disadvantage.
“My understanding is that the statelegal cannabis industry is about a $25–$30-billion market in this country, but cannabis is a $100-billion industry in this country,” Dashevsky said. “That means 70–75 percent of the total market is illicit or gray.”
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